V.D.R.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
V.D.R.
Largest movements
- Tangible fixed assets -€46,198
down €46,198 (-12.5%), from €370,184 to €323,987
of which Plant, machinery and equipment: -€25,930
- Cash +€16,647
up €16,647 (+50.8%), from €32,771 to €49,417
mainly Depreciation (+€93,175) and Other debts (+€34,425)
- Receivables within one year +€8,298
up €8,298 (+13.2%), from €62,946 to €71,244
of which Trade receivables: +€16,852
- Reserves -€35,044
down €35,044 (-11.5%), from €306,005 to €270,962
of which Distributable reserves: -€33,520
- Other debts +€34,425
up €34,425 (+168%), from €20,500 to €54,925
- Trade debts -€13,313
down €13,313 (-78.3%), from €16,999 to €3,686
- Debts after one year -€7,636
down €7,636 (-14.5%), from €52,793 to €45,157
- Current portion of long-term debt +€6,456
up €6,456 (+23.3%), from €27,750 to €34,206
- Gross operating margin -€15,464
down €15,464 (-10.7%), from €144,198 to €128,734
- Taxes -€8,708
down €8,708 (-50.8%), from €17,155 to €8,447
- Depreciation +€6,166
up €6,166 (+7.1%), from €87,010 to €93,175
- Write-downs -€1,871
down €1,871, from €206 to -€1,665
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,754 | €456,240 | -€15,514 | -3.3% |
| Fixed assets | 21/28 | €370,184 | €328,426 | -€41,759 | -11.3% |
| Intangible fixed assets | 21 | - | €4,439 | +€4,439 | |
| Tangible fixed assets | 22/27 | €370,184 | €323,987 | -€46,198 | -12.5% |
| Land and buildings | 22 | €83,878 | €78,295 | -€5,583 | -6.7% |
| Plant, machinery and equipment | 23 | €194,936 | €169,006 | -€25,930 | -13.3% |
| Furniture and vehicles | 24 | €91,370 | €76,686 | -€14,685 | -16.1% |
| Current assets | 29/58 | €101,570 | €127,814 | +€26,245 | +25.8% |
| Stocks and contracts in progress | 3 | €1,275 | €1,600 | +€325 | +25.5% |
| Stocks | 30/36 | €1,275 | €1,600 | +€325 | +25.5% |
| Amounts receivable within one year | 40/41 | €62,946 | €71,244 | +€8,298 | +13.2% |
| Trade receivables | 40 | €43,732 | €60,584 | +€16,852 | +38.5% |
| Other amounts receivable | 41 | €19,214 | €10,660 | -€8,554 | -44.5% |
| Cash at bank and in hand | 54/58 | €32,771 | €49,417 | +€16,647 | +50.8% |
| Deferred charges and accrued income | 490/1 | €4,579 | €5,553 | +€975 | +21.3% |
| Total equity and liabilities | 10/49 | €471,754 | €456,240 | -€15,514 | -3.3% |
| Equity | 10/15 | €350,749 | €315,712 | -€35,037 | -10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €306,005 | €270,962 | -€35,044 | -11.5% |
| Tax-exempt reserves | 132 | €3,047 | €1,524 | -€1,524 | -50.0% |
| Distributable reserves | 133 | €302,958 | €269,438 | -€33,520 | -11.1% |
| Profit (loss) carried forward | 14 | €26,144 | €26,151 | +€7 | 0.0% |
| Provisions and deferred taxes | 16 | €1,135 | €567 | -€567 | -50.0% |
| Deferred taxes | 168 | €1,135 | €567 | -€567 | -50.0% |
| Amounts payable | 17/49 | €119,870 | €139,960 | +€20,090 | +16.8% |
| Amounts payable after more than one year | 17 | €52,793 | €45,157 | -€7,636 | -14.5% |
| Financial debts | 170/4 | €52,793 | €45,157 | -€7,636 | -14.5% |
| Amounts payable within one year | 42/48 | €67,078 | €94,803 | +€27,726 | +41.3% |
| Current portion of amounts payable after more than one year | 42 | €27,750 | €34,206 | +€6,456 | +23.3% |
| Trade debts | 44 | €16,999 | €3,686 | -€13,313 | -78.3% |
| Suppliers | 440/4 | €16,999 | €3,686 | -€13,313 | -78.3% |
| Taxes, remuneration and social security | 45 | €1,829 | €1,986 | +€157 | +8.6% |
| Taxes | 450/3 | €1,829 | €1,986 | +€157 | +8.6% |
| Other amounts payable | 47/48 | €20,500 | €54,925 | +€34,425 | +168% |
| Non-recurring operating income | 76A | €8,843 | - | -€8,843 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,010 | €93,175 | +€6,166 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €206 | -€1,665 | -€1,871 | |
| Other operating charges | 640/8 | €7,471 | €8,214 | +€744 | +10.0% |
| Gross operating margin | 9900 | €144,198 | €128,734 | -€15,464 | -10.7% |
| Operating profit (loss) | 9901 | €49,512 | €29,009 | -€20,503 | -41.4% |
| Financial income | 75/76B | €1,713 | €723 | -€990 | -57.8% |
| Recurring financial income | 75 | €1,713 | €723 | -€990 | -57.8% |
| Financial charges | 65/66B | €2,933 | €2,889 | -€44 | -1.5% |
| Recurring financial charges | 65 | €2,933 | €2,889 | -€44 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €48,291 | €26,843 | -€21,448 | -44.4% |
| Transfer from deferred taxes | 780 | €567 | €567 | = | 0.0% |
| Income taxes | 67/77 | €17,155 | €8,447 | -€8,708 | -50.8% |
| Profit (loss) for the period | 9904 | €31,703 | €18,963 | -€12,740 | -40.2% |
| Transfer from tax-exempt reserves | 789 | €1,524 | €1,524 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,227 | €20,487 | -€12,740 | -38.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.